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Most Common Merchant Account Problems You Must Know About

  • Written by NewsServices.com

Business needs are amongst the main drivers of technological progress. However, even the dedicated business systems, such as merchant accounts, may fail to provide spotless experiences to entrepreneurs. Having an up-to-date high-risk merchant account can help you deal with most potential issues, but you still should know what to expect and how to deal with it. 

1. Overblown Fees & Deceptive Sales Tactics

Every service provider aims to win over as many customers as possible, but some of them resort to deceptive sales tactics to make businesses pay more service fees. Some merchant account providers may lure clients with low service fees and mention additional fees only in the fine print and at the most distant end of the merchant agreement. Unfortunately, you can face this problem with many providers, but you still can find transparent ones, too, so be attentive. 

2. Too Much Paperwork

Businesses face 2 typical paperwork problems with service providers:

  • * Burying clients in documentation can be a way of deflecting attention from important financial details. 
  • * A service provider can request a lot of documentation from clients to decide whether they are eligible for the services and at what terms. Banks and other merchant account providers can even oblige clients to make particular improvements to their privacy and refund policies if needed. 


3. Messed-Up Customer Service

Many PSPs (payment service providers) and even large banks fail to provide reliable customer support services. It’s a very important factor to consider because poor quality customer support may negatively affect the business image. If any merchant account issues occur, it’s the business that will suffer, not its PSP. 


4. Poor Chargeback Protection

Chargeback fraud is thriving these days, and not all PSPs and banks can protect their business clients well enough. Of course, it’s the merchant’s responsibility to provide products and services of the best quality possible to avoid chargebacks, but it’s very hard to fight chargeback fraud without the PSP’s proactive assistance. 


5. Tangled Cancellation

Pulling in clients is the first aim of every PSP, while the second is to hold them for as long as possible. Unfortunately, many providers create complicated agreement cancellation procedures and request frustratingly high cancellation fees to make users stay at the platforms. 


Get The Right Solution

Given that many of the problems can be caused by service providers, you need to choose wisely. Compare the costs with the benefits thoroughly, and choose the high-risk account that minimizes all the potential headaches. Your new knowledge will help a lot.

SCREENING PRACTICES EVERY COMPANY SHOULD CONSIDER BEFORE HIRING

  • Written by NewsServices.com

A business grows with time, and business owners often call upon employees to wear several hats that carry responsibility within the organization. As a business owner, your employees reflect your business reputation. Just because you own a small business doesn't mean that you should not conduct background checks and screening when hiring. Screening your employees mitigates any risks to your company and improves the safety of the workplace. So, is your company following the best screening practices? Check out these screening essential screening practices.

Education verification

When considering applicants, education is the first thing you check to ensure they are qualified for the work that you want to be done. You do not wish to hire someone who is not eligible for the job. But do you take the time to verify their education papers? Education verification ensures that the candidate is not cheating or misrepresenting their education to avoid exposing your business to costly risk.

Beware of the lies

People always lie when applying for jobs to increase their chances of being called for an interview. Many job applicants lie about their education, work experience, and the ability to perform specific tasks of the job at hand. It is important to verify every information on the applicant's CV, including education history, passport background check, credit history, motor vehicle records, drug use history, among other things. These checks reduce your liability risks and prevent you from making poor hiring decisions for the safety of your workplace.

Job history verification

Although job history is the most significant aspect of employee screening during hiring, many employees and HR officers often overlook it. Around 40% of applicants exaggerate their job history especially work experience. Many employees misrepresent dates of employment and positions they held at a previous company. For instance, an applicant may indicate their last position as director of sales, yet they were just a salesperson. As such, they may not be qualified for the work you are hiring for. Job history verification is vital to avoid a bad hire.

Criminal background check

A severe criminal background check can provide you with details about the individual's prior convictions and pending charges. That is not to say reformed criminals cannot be hired. The background check helps you judge a candidate based on merit rather than an old or irrelevant conviction. When hiring a person with a criminal history, you should weigh their offenses against the specific job role. Evaluate the nature of the conviction in relation to the job role. Besides, you can make a decision based on what is right for your business or company.

Its not one background check

Many employers only conduct a background check when hiring, and they are done. When you bring employees on board, you have to rescreen them periodically to ensure that they are not engaging in questionable behavior that can impact your company's reputation.

Plus, you don't have to do it yourself. You can partner with a professional rescreening service to perform professional background checks with compliance from your employees. Professional rescreening of your employees helps you mitigate risks and boost the quality of your hires.

The bottom line

What you don't know can harm your company, so it's best to be on the right track by professionally screening your employees before hire and during employment.

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